Byotrol 2013 loss narrows to £1.7 million

LONDON--Byotrol PLC (BYOT.LN), a anti-microbial hygiene company, Tuesday reported a narrowed pretax loss for fiscal 2013, and said that it expects to achieve break even and profitability in the near term, despite slower than planned progress.

MAIN FACTS:

-Pretax loss for the 12 months ended March 31 amounted to 1.7 million pounds, compared with a pretax loss of GBP2.8 million in the year ago period.

-BCP enters joint development agreement with Albaad Ltd and also anticipates further product launches with Tesco via Robert McBride PLC.

-Kimberly-Clark has elected not to proceed with a product launch with consumer products joint venture, Byotrol Consumer Products Ltd (BCP), on the timescales originally envisaged.

-BCP's Intellectual Property License Agreement with Kimberly-Clark announced in August 2012 has been renegotiated.

-Under the new terms, Kimberly-Clark has agreed to accelerate certain partner payments to BCP and release the rights of exclusivity to the Byotrol technology initially granted to them under the Licensing Agreement.

-Confident that the business remains well positioned to accelerate growth in 2013/14.

-Shares on Monday closed at 8 pence, valuing the company at GBP12 million.

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